The world No 3 underwent an operation to repair a damaged disc last month and had hoped to compete in the season-ending showpiece at the O2 Arena.
But following advice from his doctor, the Wimbledon champion will now focus on regaining full fitness in time for the Australian Open in January.
He has committed to playing an exhibition tournament in Barbados at the end of November, and he is scheduled to join Novak Djokovic and Rafael Nadal in Abu Dhabi at the end of December.
"I'm really disappointed not to be playing in London this year, I love playing in front of my home crowd, it's a great atmosphere," said Murray.
"All the players look forward to competing in London and I'll be doing my best to qualify again for the tournament next year."
Unfortunate
Tournament director Andre Silva added: "It's unfortunate that Andy will be unable to play in this year's tournament.
"He's had a historic year on the Tour and of course he'll be missed. We wish him all the best as he continues his recovery from surgery, and we hope to see him back stronger than ever for the 2014 season."
Rafael Nadal, Novak Djokovic and David Ferrer are the only confirmed qualifiers for the elite eight-player field with four weeks remaining until the tournament, which starts on 4 November.
Source: Skysports
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